Follow-up meeting with magazine publisher

April 6, 2007

Seth and I went uptown today to meet with one of the large magazine publishers I had been speaking with about our rewards program and the opportunity to offer it to them and their subscribers to bolster loyalty and revenues. I had met with them a couple months ago after some phone calls when I presented the initial concept and business proposition to them. They seemed intrigued with what we were doing and wanted to set up another meeting in April. So we went back in to give them additional information on how the program would work for one of their larger magazine titles.

The weather was terrible and I made the mistake of taking a cab up 8th avenue. I thought I left plenty of time with 20 minutes to go 30 blocks in a cab. However, I arrived at my destination 45 minutes and $20 later. Like I said, a huge mistake. Seth was in another can and got to their offices only 10 minutes late. I told him to go up and start without me. Not the best way to kick things off. I was frustrated and upset that I was late to this meeting and apologized profusely to all parties involved upon my arrival. Anyway, we made a presentation to three senior executives in their marketing department and discussed the functionality we would provide for their program by showing them our own rewards program at iBakeSale.com. They seemed to be pleased with the hundreds of big name merchants we already had in the program. At the end of the meeting, we answered some specific questions they had about costs, payments etc. and left the meeting feeling pretty good about how it went, minus the fact we were 20 minutes late.

Seth and I found a cafe near their offices to recap on the meeting and felt ok with how the presentation went. We were obviously pissed at ourselves for being late to the meeting and only hope that it won’t hurt us in the grand scheme of things. So far, our persistence and our unique value proposition seem to be working out pretty well for us. We just hope that it we come out on top at the end of this process when the publisher makes a decision between us and 4-5 other providers over the next month. We’ll keep you posted…

Bottom Line: Persistence and flexibility have stood us in good stead so far. Follow-up is crucial. Always find a way to engage in a conversation with your prospective customers. Built that relationship and follow-up frequently (no more than once a week). My goal is to be persistent but not annoying. A fine line to tread I know, but we’ll just have to see how it pans out…

JT

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